Procykliczne i antycykliczne oddziaływania kapitału naturalnego w zrównoważonym rozwoju
Pro-cyclical and countercyclical impact of natural capital on the economic growth

Summary/Abstract: By adopting the concept of sustainable development as describing a state of dynamic equilibrium in different spheres: social, natural and economic, the article focuses on the impacts of natural capital in the economic sphere. Since the key variable is the level of economic activity expressed by different measures of added value, the article attempts to analyze pro-cyclical and counter-cyclical effects of natural capital on a product growth path in the hypothetical economy. This analysis is based on the assumption treating the natural capital as a production factor. The conducted considerations lead to the conclusion that the accumulation of natural capital positively affects the course of the aggregated production function of the economy, implying both its increasing character as well as favorably changing its dynamics.

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